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India Oil Shares Gain as Kerosene Price Rise Said to Be Approved

  • Increase of 25 paise a liter a month approved from July 1
  • The move will directly benefit ONGC, Oil India, analyst says
Updated on

Indian oil producers Oil and Natural Gas Corp. and Oil India Ltd. gained as the government was said to have allowed refiners to raise the price of kerosene each month for 10 months, reducing the burden of subsidies.

ONGC rose as much as 6 percent to 241.55 rupees, the highest on an intraday basis in six months, and traded 3.6 percent higher at 1:18 p.m. in Mumbai. Oil India rose as much as 4.2 percent to 380.90 rupees, its highest intraday level since Jan. 11. The benchmark S&P BSE Sensex slipped 0.1 percent.